[photochemsyn]

Europe's most fundamental problem appears to be the energy supply, which is dominated by fossil fuel imports - Russian gas and oil, Middle Eastern & North African gas and oil, and US LNG tanker gas. This puts Europe in a bind, as the document notes:

> "Even though energy prices have fallen considerably from their peaks, EU companies still face electricity prices that are 2-3 times those in the US. Natural gas prices paid are 4-5 times higher. This price gap is primarily driven by Europe’s lack of natural resources, but also by fundamental issues with our common energy market. Market rules prevent industries and households from capturing the full benefits of clean energy in their bills. High taxes and rents captured by financial traders raise energy costs for our economy."

These costs percolate through the rest of the European economy, affecting everything from data centers to manufacturing plants to household budgets and consumer spending. The only real long-term fix will be to construct an energy system not reliant on imports from the rest of the world, and while some progress is being made, it'll take decades of focused effort (with China in the lead) to get off fossil fuels entirely, with the established and politicially influential fossil fuel investor class fighting it every step of the way, as has been the case in the United States ever since the late 1970s.